Tata Housing today to complete a housing project
Tata Housing today signed a revised agreement with the Maldives government to complete a housing project in Male being developed at an investment of about Rs 1,000 crore. The pact paves the way for resumption of construction work on the project that has been on hold for two years due to some issues over terms & conditions of the contract.
In 2010, Tata group’s realty firm Tata Housing had signed agreement with the then Maldives government to develop the housing project on 4 different sites in that country. As per the agreement, Tata Housing had to develop 350 affordable homes on 2 sites and hand it over to the Maldives government. The company got the other 2 sites for free sale.
However, sources said that the project was delayed because of the pending resolution of certain unavoidable contractual issues. Now, both the parties have mutually accepted the revised terms and conditions. Tata Housing said in a statement that it has signed addendum agreement with the Government of Maldives for the successful completion of the residential projects in Male.
Source: The Economic Times
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